5 Stages of business growth
While beginning your own Recruitment Business, you will experience many ups and downs before achieving success. Each business is unique; however, they will all observe the same experiences on the growth path. These all boil down to 5 main stages within the growth period. Here we will explore the 5 most common stages your recruitment business will face.
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Starting up
This stage may be the most daunting and exciting at the same time. So, your recruitment business has just been registered. First, you must establish your business's grounds. Ensure you are networking on Linkedin, have a website and are in contact with several clients. To help get your recruitment business well-known, market yourself well and look into recruitment solutions to help kick start your success, for example, outsourcing for tasks you are unsure of doing yourself.
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Take off
Next is the 'take-off' stage, when your business starts progressing. You have placed several candidates and have a pipeline of clients wanting to use your recruitment service. You can see your business start to have a healthy cash flow.
During this stage, you must focus on increasing the number of candidates and clients while maintaining quality. Furthermore, it is critical that you and your business can quickly adapt to the needs of candidates and clients and the ever-changing and growing market to ensure you keep up with the times.
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Survival
The 'surviving' stage is when your business has a more robust cash flow. However, sometimes during this stage, you may feel like your business has gone stagnant. The main goal in this stage is to survive and break even. It takes determination, tenacity, and patience to survive the early phases of business growth. However, businesses that successfully get through this stage are more likely to achieve long-term success.
Many think this stage is a sign of failure; nevertheless, this is when you can assess how your business runs and prepare for further and even more progressive growth. To ensure you move on to the next stage, it is essential to restructure your business plan as you will be heading into success soon. Top tip – invest in your marketing budget to help increase brand awareness and attract new customers.
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Success
Similar to the 'survival' stage, you have now hit the 'success' stage. With this, you will feel like you can put on cruise control and let your business fend for itself. But always continue innovating, creating new ideas and looking to improve your service. Again, strong management, competent leadership, and a well-defined plan are needed.
However, your business may struggle to pay for all overhead by itself. Therefore, you will need rapid growth in a short amount of time to hit maturity. Nevertheless, at this stage, you need to keep progressing to hit the next stage and make your business well-established.
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Maturity
The final growth stage is when your recruitment business has hit maturity, and you have become well-established. Your business will have a strong cash flow, a solid client base, and easily overcome challenges. This is when your company can pay all of its overhead (with ease) while still having a large amount of cash on hand, especially when your business hits a stump, for example, economic uncertainty.
The answer is Simplicity.
Growing your recruitment business can be challenging, but with the support of Simplicity, you can prosper and grow. With over 19 years in the industry, Simplicity are experts in our field and has helped thousands of recruitment businesses. In addition, Simplicity offers a range of solutions, including 100% recruitment finance, full back-office support and pioneering technology. So while we take care of your back office, you can focus on what you do best, recruiting.
To find out how Simplicity can support the growth of your recruitment business, speak to our sales team at 01594 888518 or email sales@simplicityinbusiness.com.
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Read our latest blog, Taking your Recruitment Business from Start-up to Established